Global Stock Markets Declining

By: Associated Press
By: Associated Press

Stock prices are sharply lower at midday on Wall Street.

Stock markets around the world have been seeing declines today
as concern about disappointing corporate earnings prompts investors
to take a more cautious approach.

Japan's Nikkei stock average fell for the first time in three
days, dropping nearly 7 percent.

Wachovia Corp., being bought by Wells Fargo, said it lost nearly
$24 billion in the latest quarter. Merck indicated it will slash
7,200 jobs as it reported a 28 percent drop in third-quarter
Earlier, Yahoo said it would slash 1,500 jobs while it
braces for a deep downturn likely to extend well into 2009.

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